State pension sees biggest ever increase TODAY - but retirees warned not to get too excited
The state pension is rising today
Retirees will see their biggest-ever increase in state pension payments from today, but the rise will still leave claimants worse off.
The state pension triple lock - which sees payments rise by the highest out of inflation, average earnings, or 2.5 per cent - means retirees will now be entitled to £203.85 per week, up from £185.15.
The figure equates to an annual pension of £10,600. But the inflation figure which led to the hike is out of date.
Officials increased the state pension by 10,.1 per cent, in line with the September-to-September change in the Consumer Price Index (CPI).
The increase will not be enough to help some people, according to Age UK
PAHowever, since then inflation has continued to remain above this figure.
Last month the Office of National Statistics announced a surprise spike in inflation, with prices having risen 10.4 per cent when compared to March 2022.
Caroline Abrahams, Age UK's charity director, said: "This increase will give some relief but won't be enough to help many make ends meet."
At the same time, there are concerns that the state pension triple lock may be ditched in the future.
Some politicians have warned that the policy is unsustainable due to the cost burden it places on the Government.
Abrahams added: "Although the full state pension is £10,600 a year, most pensioners receive less than this and are going to need greater support to deal with the cost-of-living crisis.
"Maintaining the triple lock in future years is important, while the Government should be carefully looking at what other financial support might be necessary."
A Government spokesman said: "The full rate of the New State Pension will be more than £10,000 per year for the very first time, while the Basic State Pension will be over £3,050 a year higher than in 2010.
"We're also boosting Pension Credit for those on the lowest incomes.
"The average Pension Credit award is worth more than £3,500 a year and the success of our recent Pension Credit campaign is helping drive the volume of claims being submitted to an all-time high.
"But we also recognise the ongoing pressures of the rising cost of living, which is why we have provided record levels of additional direct financial support for the most vulnerable – £1,200 last year and a further £1,350 in 2023/24 – while the Household Support Fund is helping people with essential costs."